MIRA INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRAPATSIRI
EQUIPMENT CO., LTD. |
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Registered Office : |
196/1 Soi Sabaijai, Suthisarnvinitchai Road, Samsennok, Huaykwang, Bangkok 10320 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.07.1992 |
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Com. Reg. No.: |
0105535109401 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Repairing
service of marine engines and
other equipment |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
PRAPATSIRI
EQUIPMENT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 196/1
SOI SABAIJAI, SUTHISARNVINITCHAI ROAD,
SAMSENNOK, HUAYKWANG,
BANGKOK 10320
TELEPHONE : [66] 2693-1065-6
FAX
: [66] 2693-1067
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1992
REGISTRATION
NO. : 0105535109401 [Former
: 10759/2535]
CAPITAL REGISTERED : BHT. 1,000,000
CAPITAL PAID-UP : BHT.
1,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. MANOCH SRICHARASRUNG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 15
LINES
OF BUSINESS : MARINE ENGINES
AND OTHER EQUIPMENT
REPAIRING SERVICE
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 30,
1992 as a
private limited company under
the name style PRAPATSIRI
EQUIPMENT CO., LTD. by Thai groups. Its
business objective is to provide
repairing service for
marine engines and other
equipment. It currently
employs 15 staff.
The subject’s registered address is 196/1
Soi Sabaijai, Sutthisarnvinitchai Rd.,
Samsennok, Huaykwang, Bangkok
10320, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTOR
Mr. Manoch Sricharasrung
AUTHORIZED PERSON
Mr. Manoch Sricharasrung can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Manoch Sricharasrung is
the Managing Director.
He is Thai
nationality with the
age of 58
years old.
BUSINESS OPERATIONS
The subject
is engaged in
repair servicing of
marine engines and
other equipment, such
as hydraulic cylinders,
fuel calibration system,
cranes, oil coolers
and etc.
PURCHASE
100%
of the engines
and maintenance equipment
are purchased from
local suppliers.
SERVICES
Most of services
are served to
Port Authority of
Thailand, the States
Enterprise.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company here
in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Services are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
BANKING
The
subject was not
disclosed its banker’s
name
EMPLOYMENT
The
subject employs 15 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
25,000.
COMMENT
Since
its commencement subject
has served government
sector for repairing
service of marine engine. Its services
are for vessels
at Bangkok port.
Subject’s business performance
is moderate and
stable.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Manoch Sricharasrung Nationality: Thai Address : 196/1
Sutthisarn Rd., Samsennok,
Huaykwang, Bangkok |
9,940 |
99.40 |
|
Mrs. Siriwan Kachamas Nationality: Thai Address : 4/8
Taksin Rd., Klongtonsai, Klongsan,
Bangkok |
10 |
0.10 |
|
Mr. Suwit Kachamas Nationality: Thai Address : 2/98
Moo 8, Bangbon,
Bangkhunthien, Bangkok |
10 |
0.10 |
|
Mrs. Wannaporn Sricharasrung Nationality: Thai Address : 68
Soi Rungruang, Samsennok,
Huaykwang, Bangkok |
10 |
0.10 |
|
Mrs. Thosaporn Moo Nationality: Thai Address : 160
Soi Srisuk, Samsennok,
Huaykwang,
Bangkok |
10 |
0.10 |
|
Ms. Amporn Maneecharassaeng Nationality: Thai Address : 110/19
Moo 4, Kannayao,
Bangkok |
10 |
0.10 |
|
Ms. Vikanda Sricharasrung Nationality: Thai Address : 196/1
Sutthisarn Rd., Samsennok,
Huaykwang, Bangkok |
10 |
0.10 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Piyawat Vibulpattanapong No.
7887
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash
Equivalents |
94,581.50 |
3,922,111.59 |
|
Trade Accts. Receivable |
6,838,833.31 |
1,582,983.68 |
|
Deferred Income |
1,884,615.61 |
1,446,105.00 |
|
Other Current Assets
|
219,240.84 |
65,987.31 |
|
Total Current Assets
|
9,037,271.26 |
7,017,187.58 |
|
|
|
|
|
Fixed Assets |
422,921.85 |
826,265.55 |
|
Other Assets |
1,531,500.00 |
1,531,500.00 |
|
Total Assets |
10,991,693.11 |
9,374,953.13 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft &
Short Term Loan
from Financial Institution |
28,735.68 |
- |
|
Trade Accts. Payable & Others |
4,894,622.65 |
1,169,107.79 |
|
Current Portion of Hire-purchase Payable
|
- |
165,732.07 |
|
Other Current Liabilities |
655,639.83 |
757,059.34 |
|
Total Current Liabilities |
5,578,998.16 |
2,091,899.20 |
|
Total Liabilities |
5,578,998.16 |
2,091,899.20 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 10,000 shares |
1,000,000.00 |
1,000,000.00 |
|
Capital Paid |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning -
Unappropriated |
4,412,694.95 |
6,283,053.93 |
|
Total Shareholders' Equity |
5,412,694.95 |
7,283,053.93 |
|
Total Liabilities & Shareholders' Equity |
10,991,693.11 |
9,374,953.13 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
38,288,427.95 |
39,176,871.77 |
|
Total Sales |
38,288,427.95 |
39,176,871.77 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Services
|
30,658,346.56 |
31,179,387.54 |
|
Services Expenses |
5,531,234.87 |
5,682,968.60 |
|
Administrative Expenses |
3,413,843.71 |
3,558,856.52 |
|
Total Expenses |
39,603,425.14 |
40,421,212.66 |
|
Profit / [Loss] Before Finance Cost & Income Tax |
[1,314,997.19] |
[1,244,340.89] |
|
Finance Cost |
[112,399.49] |
[73,161.17] |
|
Income Tax |
[442,962.30] |
[472,581.55] |
|
Net Profit / [Loss] |
[1,870,358.98] |
[1,790,083.61] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.62 |
3.35 |
|
QUICK RATIO |
TIMES |
1.58 |
3.32 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
90.53 |
47.41 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.48 |
4.18 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.19 |
14.75 |
|
RECEIVABLES TURNOVER |
TIMES |
5.60 |
24.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
58.27 |
13.69 |
|
CASH CONVERSION CYCLE |
DAYS |
6.92 |
1.06 |
|
|
|
|
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PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.07 |
79.59 |
|
SELLING & ADMINISTRATION |
% |
8.92 |
9.08 |
|
INTEREST |
% |
0.29 |
0.19 |
|
GROSS PROFIT MARGIN |
% |
19.93 |
20.41 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(3.43) |
(3.18) |
|
NET PROFIT MARGIN |
% |
(4.88) |
(4.57) |
|
RETURN ON EQUITY |
% |
(34.56) |
(24.58) |
|
RETURN ON ASSET |
% |
(17.02) |
(19.09) |
|
EARNING PER SHARE |
BAHT |
(187.04) |
(179.01) |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.51 |
0.22 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.03 |
0.29 |
|
TIME INTEREST EARNED |
TIMES |
(11.70) |
(17.01) |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(2.27) |
|
|
OPERATING PROFIT |
% |
5.68 |
|
|
NET PROFIT |
% |
(4.48) |
|
|
FIXED ASSETS |
% |
(48.82) |
|
|
TOTAL ASSETS |
% |
17.25 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
19.93 |
Satisfactory |
Industrial Average |
24.96 |
|
Net Profit Margin |
(4.88) |
Deteriorated |
Industrial Average |
(15.51) |
|
Return on Assets |
(17.02) |
Deteriorated |
Industrial Average |
(1.27) |
|
Return on Equity |
(34.56) |
Deteriorated |
Industrial Average |
1.03 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from sales after accounting for the cost of
goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The company's figure is 19.93%. When compared with
the industry average, the ratio of the company was lower. This indicated that
company was originated from the problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin ratio is -4.88%
compared with those of its average competitors in the same industry, indicated
that business was an efficient operator in a dominant position within its
industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is -17.02%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is -34.56%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.62 |
Deteriorated |
Industrial Average |
29.27 |
|
Quick Ratio |
1.58 |
|
|
|
|
Cash Conversion Cycle |
6.92 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 1.62 times in 2010, decrease from 3.35 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.58 times in 2010,
decrease from 3.32 times, although excluding inventory so the company still have
good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could survive
when no cash inflow was received from sale for 7 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.51 |
Impressive |
Industrial Average |
1.08 |
|
Debt to Equity Ratio |
1.03 |
Risky |
Industrial Average |
0.48 |
|
Times Interest Earned |
(11.70) |
Risky |
Industrial Average |
1,757.78 |
Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors
and obligors have committed to the company versus what the shareholders have
committed. A lower the percentage means that the company is using less leverage
and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -11.7 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.51 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
90.53 |
Satisfactory |
Industrial Average |
118.95 |
|
Total Assets Turnover |
3.48 |
Impressive |
Industrial Average |
1.14 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
12.30 |
|
Receivables Conversion Period |
65.19 |
|
|
|
|
Receivables Turnover |
5.60 |
Deteriorated |
Industrial Average |
20.43 |
|
Payables Conversion Period |
58.27 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.23 |
|
UK Pound |
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.99 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.